Bitcoin, the leading cryptocurrency, experienced a decline after rising above $87,000 and is currently trading around $83,000.
Following dovish remarks from New York Fed President John Williams, market expectations for another Fed interest rate hike in October have significantly declined. Williams’ statement that there is “no need to rush” into a new monetary policy step has reduced the probability of an October rate hike, priced in by markets, from approximately 70% to below 50%.
Following these announcements, investors continued to closely monitor the market, and data on Personal Consumption Expenditures (PCE), which the Fed closely monitors when making interest rate decisions and is considered a leading indicator of inflation, was released.
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Core Personal Consumption Expenditures Price Index (Annual) Announced 3.0% – Expected 3.39% – Previous 2.9%
Core Personal Consumption Expenditures Price Index (Monthly) Announced 0.2% – Expectation 0.3% – Previous 0.2%
Personal Consumption Expenditures Price Index (Annual) Announced 2.6% – Expected 3.7% – Previous 2.7%
Personal Consumption Expenditures Price Index (Monthly) Announced 0.3% – Expectation 0.4% – Previous 0.3%
What was Bitcoin’s (BTC) Initial Reaction?
*This is not investment advice.